It's official, the mighty Apple (Nasdaq: AAPL) has stopped growing profits. Shares of the iPhone giant are under heavy pressure after-hours Wednesday following uninspiring first quarter results that beat analyst estimates on the bottom-line but missed on the top-line. Also, iPhone sales, while strong, failed to live up to loft expectations. The company is also getting more 'realistic' on its forward guidance.

For the first time in recent memory, Apple has failed to grow profits. The company posted net profit of $13.1 billion, or $13.81 per diluted share, in the quarter. This was flat with $13.1 billion, or $13.87 per diluted share, last year but above the consensus of $13.44.

Apple posted record quarterly revenue of $54.5 billion. This was up from $46.3 billion last year but below the consensus of $57.73 billion.

Apple sold a record 47.8 million iPhones in the quarter, up from 37 million last year and versus the Street consensus of 47.8 million with a range of 43.1-53 million. Apple also sold a record 22.9 million iPads during the quarter, up from 15.4 million last year and versus the consensus of 22.4 million, with a range of 18.4-26 million. The Company sold 4.1 million Macs, compared to 5.2 million in the year-ago quarter. Apple sold 12.7 million iPods in the quarter, compared to 15.4 million in the year-ago quarter.

Apple generated over $23 billion in cash flow from operations during the quarter and ended the quarter with Cash and investments of $137 billion, up from $121 billion last year.

Apple's declared a cash dividend of $2.65 per share of the Company’s common stock. The dividend is payable on February 14, 2013, to shareholders of record as of the close of business on February 11, 2013.

Looking to Q2, the company sees revenue between $41 billion and $43 billion, versus the consensus of $45.63 billion. Gross margin is expected to be between 37.5 percent and 38.5 percent, operating expenses between $3.8 billion and $3.9 billion, and tax rate of 26%.

Interestingly, on the conference call the company said it will give forward guidance that reflects a belief of what is likely to be achieved versus the more conservative approach used in recent years that was single-point guidance that they had reasonable confidence in achieving.